Health cover up as markets go down
Health insurance coverage in New Zealand increased in 2008 despite the growing impact of the global recession, according to new figures released by the Health Funds Association (HFANZ) this week.
Tuesday, February 10th 2009, 6:32AM
by David Chaplin
The HFANZ statistics showed the health insurance market grew by 0.7% in 2008 compared to the previous year with almost 1.4 million New Zealanders now recorded as having some kind of cover.
Roger Styles, HFANZ executive director, said the market even grew by 0.1% in the December 2008 quarter rebuffing expectations that the worsening recession would slow sales.
“Health insurance is more important than ever in uncertain times. These figures show people aren’t saying ‘we can’t afford health insurance’ - they’re saying ‘we can’t afford not to have it’,” Styles said in a statement.
However, he said the over-65 age bracket remained under-represented in the health insurance market with just 24% of this group having cover with growth in coverage also falling below the rate of increase in population of the age group. “This is just the age when people begin to need health services more. The Health Funds Association was supportive of proposals floated last year for a rebate for those in this older age group who retain their health insurance, and we will continue to work with the new National-led Government to make this happen,” Styles said.
Over 2008 the 60-64 age bracket saw the biggest increase in health cover, comprising more than half of new business written during the period. As well, the HFANZ figures showed ongoing growth in health cover amongst 20-24 year-olds and pre-schoolers.
Claims also grew by just over 13% in 2008 to $696 million which Styles attributed to the greater popularity of elective surgery and an overall inflation of healthcare costs.
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